Workforce Diversity – A Key to Succeed in FinTech

Posted by Jose Caldera on Nov 30, 2016 6:00:00 AM

FinTech is all about solving financial services problems in new ways. Some of these problems may be about providing access to financial services to groups in which banks have previously shown little interest. Or maybe it is about taking a typically clunky loan process and simplifying it to the point where customers can be instantly approved while sitting in their favorite chair at home. Or maybe it is about moving financial services to a more convenient place like an app on a mobile phone.

Some real-world examples are mPesa which gave Africa a successful payment system; Venmo which gave millennials in the US a way of splitting the bill; and bitcoin which gave a way to protect cash in hyperinflation economies under currency controls.

In all these situations, the success of FinTech companies is tied to their understanding of the customers they serve across economic, cultural and technological issues.

Diversity has been proven to deliver strong results across all industries including FinTech. Why? Diversity means different backgrounds and experiences that lead to different ways of thinking and different approaches to problems. So, when problems are being solved, a diverse group of problem solvers leads to a more diverse set of ideas and approaches. And it is there that the best solutions come to light. This has always been IdentityMind’s approach.

FinTech models are challenging the way individuals use traditional financial services. The innovation and creativity exists with new and old players. To match these models, we have been challenged to provide new ways to use risk management and compliance services, such that our platform can support the various business models in the industry across the world.

A large part of our success can be attributed to our technology, and our client-focused organization. But another important part of our success is due to our very diverse workforce. We have built diversity deep into our corporate DNA.

Some highlights of our workforce:

  • Our workforce is majority minority, comprised of several races including Latino, Chines, Indian, Native American, and African American
  • We combine a team with PhDs, MBAs, Masters degrees, Bachelor’s degrees, and high school dropouts
  • 45% is international, spanning Asia, Latin America, Western and Eastern Europe.
  • 10% is first generation American.
  • 35% of our overall staff are women including leadership positions in business, operations and engineering.
  • 40% of our engineering staff are women.

Our products, our vision, our problem-solving capabilities, are all influenced by our team and their background and experiences. We look at a problem from many angles and bring what we have learned from doing business in other countries, our experiences from our families and communities, and our own successes and failures with traditional and FinTech-led financial services.

There is a large body of research that backs the many benefits that stem from a diverse workforce and this is not intended to be another one. But, we might as well be the poster child of these benefits.

We proudly embrace diversity and make it a fundamental part of both our identity, and what we want to be as a company. We are members of a society that is struggling to understand not only the economic benefits but the social importance of working side by side with everyone without prejudice or judgement of their ethnicity, their looks, their beliefs, or their gender. And yet, everyday there are more and more examples of its benefits. We happened to be one of them. As we grow as a provider for risk and compliance solutions to FinTech companies, IdentityMind believes that this approach is a core advantage – to any company using it.